Wiley CPAexcel Exam Review July 2020 Study Guide

Auditing and Attestation
 
 
Wiley (Verlag)
  • erscheint ca. am 3. April 2020
 
  • Buch
  • |
  • Softcover
  • |
  • 464 Seiten
978-1-119-71476-7 (ISBN)
 
  • Englisch
  • New York
  • |
  • USA
  • Für Beruf und Forschung
  • Höhe: 274 mm
  • |
  • Breite: 215 mm
  • |
  • Dicke: 25 mm
  • 725 gr
978-1-119-71476-7 (9781119714767)

About the Authors ix


About the Auditing and Attestation Professors xi


Welcome to Auditing and Attestation xii


Ethics, Professional Responsibilities, and General Principles 1


AICPA Code of Professional Conduct 2


Introduction and Preface 2


Members in Public Practice 5


MIPPs Introduction and Conceptual Framework 5


MIPPs Nonindependence Rules 7


Conflicts of Interest, Directorships, and Gifts 7


Reporting Information and Subordination of Judgment 9


Advocacy, Third-Party Service Providers (TSPs), General Standards,


and Accounting Principles 11


Discreditable Acts 13


Fees 15


Advertising and Confidentiality 17


Form of Organization and Names 19


MIPPs Independence Rules 21


Introduction to MIPPs Independence Rules 21


Network Firms and Affiliates 23


Reissues, Engagement Letters, ADR, and Unpaid Fees 25


Financial Interests 26


Overview and Unsolicited Financial Interests 26


Mutual Funds and Retirement Plans 28


Partnerships, 529s, Trust and Estates, Employee Benefit Plans 30


Depository Accounts, Brokerage Accounts, and Insurance Policies 32


Loans, Leases, and Business Relationships 33


Family Relationships 35


Employment Relationships 37


Current Employment 37


Subsequent Employment 39


Other Associations and Relationships 41


Nonaudit Services 43


Code Provisions 43


Specific Services 46


Members in Business 53


Other Members 56


Requirements of SEC and PCAOB 57


Securities and Exchange Commission (SEC) 57


Public Company Accounting Oversight Board (PCAOB) 63


Requirements of GAO and DOL 66


Government Accountability Office (GAO) 66


Department of Labor (DOL) 74


Assessing Risk and Developing a Planned Response 77


Financial Statement Audits 78


Accounting vs. Auditing 78


GAAS and Principles 80


Professional Standards 82


Quality Control Standards (SQCS) 84


Overview of Audit Process 86


Overview of Auditor's Report 87


Different Types of Engagements 91


PCAOB Responsibilities 93


PCAOB on Engagement Quality Review 95


Planning Activities 97


Pre-Engagement Planning Issues 97


Planning and Supervision 103


Materiality 105


Audit Risk 107


Analytical Procedures 110


Audit Data Analytics 112


Detecting Fraud 116


Fraud: Evaluation and Communication 121


Detecting Illegal Acts 123


Using the Work of a "Specialist" 125


Required Communications with Those Charged with Governance 128


PCAOB on Communications with Audit Committees 131


Internal Control-Concepts and Standards 134


Obtaining and Understanding Internal Control 134


Evaluating Internal Control 136


Assessing Control Risks Under AICPA Standards 139


Performing Procedures in Response to Assessed Risks 143


Required Communications 146


Using the Work of an Internal Audit Function 149


Performing Further Procedures and Obtaining Evidence 153


Internal Control: Transaction Cycles 154


Specific Transaction Cycles 154


Revenue/Receipts-Sales 156


Revenue/Receipts-Cash 158


Expenditures/Disbursements 160


Payroll Cycle 163


Miscellaneous Cycles 165


Audit Evidence: Concepts and Standards 167


Overview of Substantive Procedures 167


The Nature of Audit Evidence 171


Assertions and Types of Audit Procedures 175


PCAOB Risk Assessment Audit Standards 178


Evaluation of Misstatements Identified During the Audit 182


Audit Documentation 184


PCAOB on Audit Documentation 188


Confirmation 190


Accounting Estimates 192


Fair Value Estimates 194


Lawyer's Letters 196


Management Representations Letters 199


Related-Party Issues 202


PCAOB on Related Parties 205


Subsequent Events and Related Issues 208


Going Concern Issues 212


Audit Evidence: Specific Audit Areas 216


Introduction to Auditing Individual Areas 216


Cash 218


Accounts Receivable 221


Inventory 223


Investments in Securities and Derivative Instruments 226


Fixed Assets 232


Current Liabilities 234


Long-Term Liabilities 236


Stockholders' Equity 237


Payroll 238


Audit Sampling 240


Introduction to Sampling 240


Attributes Sampling 242


Variables Sampling 244


Probability-Proportional-to-Size (PPS) Sampling 248


IT (Computer Auditing) 250


IT General and Application Controls 250


Other IT Considerations 254


Forming Conclusions and Reporting 257


Audit Reports 258


Introduction to Audit Reports 258


PCAOB on Audit Reports 266


Audits of Group Financial Statements 270


Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs 274


Qualified for Scope Limitation 277


Qualified for Misstatement 280


Adverse Opinion 282


Disclaimer of Opinion 284


Consistency of Financial Statements 286


PCAOB on Evaluating Consistency of Financial Statements 288


Opening Balances-Initial Audits 290


Other Information Along with Financial Statements 294


Supplementary Information Related to Financial Statements 296


Required Supplementary Information 298


PCAOB on Auditing Supplemental Information 300


Alert to Restrict Report 303


Financial Statements Using Another Country's Framework 305


Reporting on Summary Financial Statements 307


Interim Financial Information 310


Other Types of Reports 315


Reports on Application of Requirements of Framework 315


F/S with Special Purpose Frameworks 318


Audits of Single F/S and Specific Elements, Accounts, or Items 321


Reporting on Compliance with Requirements in an F/S Audit 324


Service Organizations-User Auditors 327


Service Organizations-Service Auditors 329


Comfort Letters 332


Government Auditing Standards 337


Compliance Audits 340


SSARSs-General Principles 343


SSARSs-Preparation of Financial Statements 346


SSARSs-Compilation Engagements 348


SSARSs-Review Engagements 352


SSARSs-Other Topics 356


Other Professional Services 361


AICPA on Reporting on Internal Control in an Integrated Audit 361


PCAOB on Reporting on Internal Control in an Integrated Audit 370


PCAOB on Reporting Whether a Previously Reported Material Weakness Continues to Exist 376


Auditing Employee Benefit Plans 379


Introduction to Attestation Standards 384


Attestation Standards-Common Concepts 387


Examination Engagements 390


Examination Reports 394


Review Engagements 398


Review Reports 402


Agreed-Upon Procedures Engagements 406


Prospective Financial Information 411


Pro Forma Financial Information 418


Compliance Attestation 423


Management's Discussion and Analysis (MD&A) 427


Assurance Services 431


Index 433

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